Chennai Couple's 1000 cr Scam Shocks SBI

Mar 22, 2018126 Shares

Even as the Rs 13,000 crore Punjab national Bank multi crore fraud case was haunting the India's banking sector, another big scam came to light. India's largest state owned bank- State Bank of India (SBI) lodged a complaint with CBI against Chennai based Kanishk Gold that it evaded Rs 1,000 crore dues owed to the bank.

The Jewellery showrooms owned by Bhoopesh Kumar Jain and his wife Neeta Jain defaulted the bank by not paying loan amount and also interest which accumulated more than Rs 1,000 crore.

The bank authorities informed the CBI that they were unable to get in touch with the husband and wife duo who were untraceable since past many months. The couple is currently believed to be living in Mauritius.

It has also been alleged that Kanishk stopped payments to all 14 banks by as late as April 2017. The bankers were unable to trace the promoter when it initiated its stock audit on 5 April, a report said. Already, Geetanjali jewellers promoters Nirav Modi and Mehul Choksi fled the country after they fraud Punjab national bank.